The US Federal Reserve is announced a strategy to stimulate their ailing economy by selling $400 billion of its short-term securities and exchanging them for $400 billion in long-term securities, a move that’s designed encourage lending and borrowing among US banks and businesses. However, this news caused the price of gold fall and the dollar to rise at ForexYard and other online commodities and Forex brokers.
Following the news from the Feds, the price of safe haven commodity – gold – fell by over $26 per troy ounce during Wednesday’s trading sessions. The price of gold at ForexYard fell from $1,809.10 to $1,782.60 but, most unusually, the price of silver rose during the day. Silver prices normally shadow gold prices but today things were different. As gold was shedding dollars the price of silver rose by a little under 1 per cent, while palladium and copper also made small gains.
Speculators and investors at eToro and other online commodities brokers witnessed gold prices soar on Wednesday, breaking the ‘golden’ $1,500 mark in the process. And just like previous hikes in the price of gold, the price of other commodities benefitted too. This latest advance by the valuable metal has gone further than many analysts predicted and if you were on the gold wagon as it reached these dizzy heights on Wednesday you should be a happy trader right now.
Last week fear of inflation pushed gold prices up to the dizzy heights of $1,486 and the just the same as today, other precious metals including silver also climbed in value. Today silver traded above the $45.00 mark, climbing by 54 cents and hitting a 31-year high for the heavily traded commodity but what does the future hold for commodities such as silver and gold?
Today the price of gold has hit a new record high of $1,422 per ounce as many traders choose to invest in the safe-haven that is gold. Traders at ForexYard saw the value of the precious metal climb following the US Federal Reserve’s announcement of a second round of quantitative easing measures. Gold prices continued to flourish despite the strength of the US dollar, and it was hitting new highs in other denominations too, coming in at EUR 1,020 an ounce and GBP 878 today.
As is normally the case, the price of silver has shadowed the price of gold, with silver prices hitting a 30-year high just shy of $29 per ounce. Other precious metals such as palladium have also been boosted by the weak US dollar and uncertainty surrounding the US economy.
Commodities traders at ForexYard saw the price of crude oil continue to decline as concerns continue to grow regarding the state of economic fundamentals in Europe, even in light of the EU/IMF bailout proposal for Greece. Investors in the Euro zone are now facing concerns over the risks of inflation and slow growth across Europe.
Not only is the continuing uncertainty in Europe causing the price of crude oil to fall but the ever-strengthening US dollar is also pushing down the price of crude oil. The US dollar has been making strong progress following a week of encouraging data releases including better than expect jobless claims figures.
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It’s time to count the gold at the world’s leading gold producing companies. The quarterly reporting is underway, reports which will give the world’s markets and traders an indication of the strength of the global industry. The results of the quarterly gold reports will have huge impacts on the price of gold at trading companies such as HY Markets.
By the end of the coming week gold companies including; Gold Fields, AngloGold Ashanti and junior Great Basin Gold will all announce their quarterly production figures. If these figures are better than expected the price of gold at HY Markets and other online trading companies will certainly rise.
Following the extended weekend due to the Easter holidays traders at sites including Spread Co saw commodities rally as the US dollar felt the pinch, with Crude Oil, Gold And Silver Experiencing Brisk Trade On Monday. Both gold and crude oil rose to record highs today with Nymex crude oil prices rising to a 17-month high.
Oil trading resumed in a brisk fashion after the Easter holidays with investors speculating that demand for ‘black gold’ will increase as the world economy starts its recovery from the global recession witnessed over the last couple of years. The price of crude oil for delivery in May rose by well over $1.00 during the extended weekend, climbing as high as $85.97 a barrel during after-hours electronic trading on the New York Mercantile Exchange. This is crude oil’s highest value since the 9th of October 2008.
Commodities traders at sites such as Spread Co saw Oil Prices Reach A 17-Month High today following encouraging reports from the Eurozone and China which both displayed exceptionally strong purchasing managers’ indexes (PMI’s). These economic reports encouraged the markets to drive the price of oil to new highs. These oil prices were made all the more impressive by the fact that there were very thin trading volumes ahead of the Easter holidays.
The price of crude oil climbed to new highs in the US. commodities traders at Spread Co saw New York’s main contract, light sweet crude for delivery in May, climb in price by 70 cents to $84.46 per barrel. Across the Atlantic London’s Brent North Sea crude for delivery in May rose in price by 74 cents to $83.44 per barrel.
Commodities traders at companies such as ForexYard saw Crude Oil Prices Fall During The Wednesday Morning Session with the price per barrel falling by nearly $1. Traders also saw the price of base metals and also the price of sugar struggling to make headway.
US crude oil stocks rose for an eighth week in succession, climbing to approximately 1.5 million barrels, according to a poll of market analysts conducted by Reuters. However, the US’ distillate stocks, which include heating oil, are estimated to have fallen by around 1 million barrels last week. America’s petrol stocks also fell by 1.3 million barrels.
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